Nevada County picayune., 1887-10-26
JEFFERSON ON PAPER MONEY.

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 And yet even al that, you will soon he at the bottom of the loan-bag- We. are an agricultural nation, Such an one employs it's sparings in the purchase, or Improvement rof hand or stocks. The lendable monty among them. IS chiefly that of orphans aud wards, in the hands of executors and gmrdians. and that which the farmer lays hy ill 3le' has though for the purchase in view. In such a nation there is one and one. only, resource for loabs, sufficient to carry them tiirougl, tue expenses of war: and flrt will always be sufficient, and in the power of an honest govern. .nient, punctnai in the preserva. lion Is .faith Tue fund mean. is the n,ass of circulating coiu. Every one. knows, that although not literally, it is nearly true, that every paper dollar. emitted ban ishcs a silver one from the circu- gIatieH. s' X na tion, therefore, mak. l ing it's purchases and payments with aBills fitted for circulation, thrusts an equal sum of coin out of circulation." "-J Jefferson's works, Vol. VI. P. 139. a.....g ..<..4 .<
 ."ln this way, l am not without hope. that this great, this sole re- source flor loans in an agricultural country. might yet he recovered for the use of the nation during war; and,- if obtained in perpotu. um, it would always be sufficient to carry lls through any wnr; pro vided. that iu the interval between war and war, all the outstanding 9,aper 'sifourl be talled in, coin be permitted to howgilDagailG and to hold the field of circulation until lanother war Hshoeld require it's yielding place again to the natie aal medium" m."-Jeff'erSon'S works, Vol. VI, P. If. ''''i .' .''' "
 Bank paper must be suppress. ed. and the circulating medium must be restored to, the nation to whom 1t belongs. Y x He oniy find npon which they can rely FOR LOANS; it. is the only resource which can never fail them, and 1t is an abundant one for every nee essary purpose. TeasWy bills. bOttdmeti on lures, bearing or not bearing interest, as may be found thrown into circulation will take the place of so much gold and silver. which last, when crow ded will find an etfiux into other countries, aud thus keep the quan. tum of medium at its saIutary lev. el.n-Jeffersons works, G., D. l99.
 "tNe are HOW without any medi- -um; aud necessity. as we'll as patri- otism and confidence will make us eager Co receive treasury notes. if fOaaded 0n specific tdTeS"-J efler- sons works, Vol. VI. P. 3S2
 "But Congress could then have issued treasury notes, payable within n fixed period, and founded on a specific tax, the proceeds of which, as they come in, should be pxchapgeable for the notes of that particular emission only.'-Jeffer- sons works, Vol. VT, P. 3S2.
 Treasury notes of small as well as high denomination, hottomed ona tax which would redeem them in ten years, would place at our disposal the whole circulating me- dlum of the United States: a fnnd of credit sufficient to carry us through any probable length of war. ."-Jefferson's works, Vol. VI, r. il9. .' ti.
 'In both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy; but jngglers only propose to create it bv leger,leiuain tricks with pa. per. '-,Ieiferson's works, V, 6, p 2+l. , There is indeed convenince in paper; it's easy transmission from one place to another. But this may be mainly supplied by bills Of Exchange, so as to prevent any great displacement of actual coin. Two places trading togeth. CT balance their dealings, for the most part, by their mutual sup. plies, and the debtor individuals of either may, instead of cash, re- init the bills of those who are cred itors in the same dealings; or may obtain them through some third place with which both have deal. i.ings. The cases would be rare where such bills could not be ob- tained either directly or circuit onsly, and too unimportant to. the nation to overweight the train of evils flowing from paper circular ton. AJefferson's works, v.G, P 237. And its forth rrtty addition to the cqrp- tal of the nation, this minimum of one dollar. ad ttd to one hundred and thirty three and . third, or three iourths per cont, that We are to give np our gold and silver medium, its intrinsic solitlity, ts univeissl value. and its saving powers in time ot war, and to sub stitute for 1t paper. with all is train of evils, moral, political and physical, which l vii! not pretend td tfu,hertc. - .Jrffcrson'> works, Nql YI F 2ad
 'The bankruptcies in London. have re- commenced with new force. There is no saving wbqre thiS tiretmill end. perhaps in the general contlagration of all their paper. If not now, it must erelnug. With only u,iilftts. ....fu t.,t1 lrnta